The U.S. dollar has nursed widespread losses after President-elect Donald Trump’s long-awaited news briefing provided little clarity on future fiscal policies, disappointing bulls who had bet on major stimulus. But, as Sonia Legg reports, Trump did not mention possible tariffs against Chinese exports – a relief for Asian share markets that have feared the outbreak of a global trade war.

(Reuters) – Investors wanted clarity – they didn’t get it.

Trump’s long-awaited news conference only offered reason to worry.

The dollar felt the brunt and bulls who’d bet on widespread stimulus were disappointed.

CRAIG ERLAM, SENIOR MARKETS ANALYST,

“Markets really bought into these tax cutting measures, into this fiscal stimulating measures and the rally that we saw at the end of the year really was largely driven by the promise of these growth friendly measures. The fact that we have had no clarity on them since is a concern.”

But Europe was weighed down by a two per cent slump in pharmaceutical firms.

Trump said they’d been “getting away with murder” with their prices.

CRAIG ERLAM, SENIOR MARKETS ANALYST, OANDA,

“He has already launched attacks on the car industry now it looks like he is going after pharma so who knows which companies are going to be next. He really did focus more on the anti-investor, anti-market measures on this occasion.”

A deck of stronger currencies also hurt European stocks.

The euro was back at 1.065 to the dollar for the first time in a month

And sterling climbed above 1 dollar 22.

It was bliss for bond markets which have been in reverse since Trump’s election, especially Germany’s.

But Frankfurt also fears Brexit and national elections.

HEAD OF CAPITAL MARKETS ANALYSIS AT BAADER BANK, ROBERT HALVER,

“The markets will want to wait and see a little bit during the first three months. I don’t believe the DAX will suffer massive losses but it will become a lot more volatile until some of the big political issues have disappeared.”

As always in times of trouble there was one winner, gold rose to a seven week high just shy of 1,200 dollars per ounce.